EditorialHKEX’s listing reforms will boost Hong Kong’s competitiveness

The measures seek to widen access for innovative firms seeking capital while preserving the city’s standards of financial probity

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The Hong Kong Exchanges and Clearing at Exchange Square in Central, on March 13. Photo: Jelly Tse

Published: 6:45am, 20 Mar 2026

Hong Kong Exchanges and Clearing (HKEX) has proposed the biggest overhaul of listing rules in almost a decade. China’s top stock exchange is looking ahead after regaining the global crown for initial public offerings last year following several lean years. To remain competitive, it needs to make its market more accessible to innovative firms seeking to raise capital. At the same time, the city must maintain its international reputation for financial probity and reliability. This means any changes must also ensure a high level of transparency, fairness and protection for ordinary investors whose interests often take a back seat in the market.

Under the proposals, the minimum valuation for companies to list under the weighted voting rights (WVR) regime will be halved to HK$20 billion (US$2.6 billion), down from the current HK$40 billion. Also, the minimum market capitalisation for companies using the revenue route to apply for listing will drop to HK$6 billion and revenues of HK$600 million in the latest financial year, from the current HK$10 billion and HK$1 billion respectively.

Following other major exchanges, all listing candidates will be allowed to file their applications confidentially. But once their applications have been approved, they still have to provide the same financial data for public scrutiny. At the moment, only firms seeking secondary listings and those in certain technology fields are allowed to file confidentially.

Meanwhile, under the dual-class share structure – which allows company founders to retain greater control – the definition of innovative but pre-profit firms will be eased to include non-tech firms with new business models.

To boost transparency, successful listing candidates will have to disclose the identities of their lawyers, accountants, investment banks and other sponsors to deter substandard applications. The Securities and Futures Commission recently disclosed that it ordered 13 investment banks to review their internal practices and procedures after finding widespread deficiencies in IPO submissions.

Facing fierce competition from other global bourses, the city must maintain high standards while offering efficient access to capital.

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}The measures seek to widen access for innovative firms seeking capital while preserving the city’s standards of financial probity

The measures seek to widen access for innovative firms seeking capital while preserving the city’s standards of financial probity